Jake Owes $3,400 on His Credit Card

question 21

Multiple Choice

Jake owes $3,400 on his credit card.He is not charging any additional purchases because he wants to get this debt paid in full.The card has an APR of 13.9 percent.How much longer will it take him to pay off this balance if he makes monthly payments of $50 rather than $60?

• A)28.24 months
• B)31.33 months
• C)36.74 months
• D)39.20 months
• E)41.79 months

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Definitions:

Asymmetrical

Describing a shape or distribution that does not mirror evenly across a central axis.

Peaked

Describes a distribution that has a sharper or higher peak compared to a normal distribution.

Grouped Frequency Distribution

A method in statistics for organizing data into intervals or groups to display the frequencies of observations within each group.

Intervals

Segments between two points on the number line, often used to specify ranges of values for variables or data.